It loads the same image over and over and places each copy in a random spot on the stage. It's a big image. On my broadband connection, it takes about five seconds to appear.

I expected the first copy to take a while to load. But I figured it would get cached, and that the subsequent ones would appear instantaneously. But to my surprise, they didn't. When I compiled a test movie, I found I had to wait for each copy to be loaded as it was pulled individually from the sever.

Then I tried loading the swf into Firefox. Once I ran it in the browser, it behaved as expected: five seconds for the first image and then -- bing! -- the others appeared all at once.

Firebug confirmed that the swf only make one call to the server.

For some reason, I thought Flash had its own internal cache. Apparently it doesn't. It uses the brower's cache.